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Thread: Anyone took up enhanced ElderShield?

  1. #1

    Default Anyone took up enhanced ElderShield?

    Hi all, just wanna check from all the 40-ers here. Did you all sign up for the enhanced Elder Shield plan?

    I have been asking around and seem to get mixed responses. But generally, many just accepted the auto inclusion Elder Shield (basic) and not do any upgrade. But the payout is too little should anything bad happens. *touch wood!*

    The people I asked seem to be not interested to pay more, they don't think they can be so unlucky (bad reason I think!), unaware can upgrade, or think that the health condition has to be really bad (can't do 3 out of 6 conditions eg cleaning and moving around oneself), so not easy to claim and by then, it's already countdown to leave this world!

    Would like to hear from members here. Thanks for sharing.

  2. #2

    Default Re: Anyone took up enhanced ElderShield?

    I bought the enhanced Eldershield mainly because I can draw $600 from CPF to pay for it. I am not trying to convince you to get it as you probably have to be close to the end to get any money but I did not want to overburden my children. I bought from NTUC but I was told by a friend/agent that other insurance companies has more lenient criteria(??) for payout so you might want to explore a bit.

    http://www.moh.gov.sg/content/moh_we...pplements.html

  3. #3

    Default

    Quote Originally Posted by Andreq View Post
    Hi all, just wanna check from all the 40-ers here. Did you all sign up for the enhanced Elder Shield plan?

    I have been asking around and seem to get mixed responses. But generally, many just accepted the auto inclusion Elder Shield (basic) and not do any upgrade. But the payout is too little should anything bad happens. *touch wood!*

    The people I asked seem to be not interested to pay more, they don't think they can be so unlucky (bad reason I think!), unaware can upgrade, or think that the health condition has to be really bad (can't do 3 out of 6 conditions eg cleaning and moving around oneself), so not easy to claim and by then, it's already countdown to leave this world!

    Would like to hear from members here. Thanks for sharing.
    Is an insurance for yourself. Enhanced it so that you will benefit it later.
    We got to face the reality. What are the chances of dying after u cant perform 3 out of 6 conditions? The chances are v high, I tell you.

    A simple stroke or a minor heart attack will already stop you from doing 3 out of 6 tasks, even if you didn't die straight away

    We hope for a fast painless death? Fat hope, unless u die in an air crash. Most ppl die from some form of illness and land in hospital.

    Some ppl don't buy insurance, one day they go hospital, no money to pay, they start to blame govt, blame CPF, blame everything. But the problem was they never think of themselves, never buy insurance. And when something happens, they start to complain abt govt and CPF.
    Last edited by donut88; 21st July 2014 at 11:01 PM.

  4. #4

    Default Re: Anyone took up enhanced ElderShield?

    Quote Originally Posted by An drew View Post
    I bought the enhanced Eldershield mainly because I can draw $600 from CPF to pay for it. I am not trying to convince you to get it as you probably have to be close to the end to get any money but I did not want to overburden my children. I bought from NTUC but I was told by a friend/agent that other insurance companies has more lenient criteria(??) for payout so you might want to explore a bit.

    http://www.moh.gov.sg/content/moh_we...pplements.html
    Hey Thanks Andrew. Did you get the lifetime payment for lifetime coverage type? There's another type which covers for up to 12 years only, can also be lifetime payment or limited years of payment.

    I should think lifetime payment for lifetime coverage makes more sense as no one can predict what or when it will happen... but of course, payment is all the way till death.

  5. #5

    Default Re: Anyone took up enhanced ElderShield?

    Quote Originally Posted by Andreq View Post
    Hey Thanks Andrew. Did you get the lifetime payment for lifetime coverage type? There's another type which covers for up to 12 years only, can also be lifetime payment or limited years of payment.

    I should think lifetime payment for lifetime coverage makes more sense as no one can predict what or when it will happen... but of course, payment is all the way till death.
    Should be lifetime but I think full amount only kicks in like after 72 months. 12 years seems long enough to die though.

  6. #6

    Default

    The key is to maximize your insurance coverage while you still healthy to do so. Don't worry abt premiums. Its from CPF account anyway.

    Enhanced it to the max

  7. #7

    Default Re: Anyone took up enhanced ElderShield?

    Quote Originally Posted by donut88 View Post
    The key is to maximize your insurance coverage while you still healthy to do so. Don't worry abt premiums. Its from CPF account anyway.

    Enhanced it to the max
    Yes, I think that's good advice. Did you also use the maximum possible deduction ($600) from Medisave?

    My concern now is whether to choose 12 years coverage or Lifetime. And if after retirement, there will be enough in Medisave to keep paying the premium (assuming I choose to pay for lifetime).

  8. #8

    Default

    Quote Originally Posted by Andreq View Post

    Yes, I think that's good advice. Did you also use the maximum possible deduction ($600) from Medisave?

    My concern now is whether to choose 12 years coverage or Lifetime. And if after retirement, there will be enough in Medisave to keep paying the premium (assuming I choose to pay for lifetime).
    I haven't hit the age yet. Hehe

    But I will use the max.

    About the 12 years or lifetime, I think this is v subjective. Normally 12 years of coverage should be long enough before u finally kick the bucket after suffering from some illnesses. But it's only an assumption.

    Don't worry about whether got money in medisave to pay. My sense is that we will never get to empty our CPF account, so there will always be money left there. And even if u can't pay the premium one day, u can just cancel the policy, which has the same end result of the 12 year coverage.

  9. #9
    Member Bukitimah's Avatar
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    I never really understand all these insurance terms. To me, it is either life where you pay less and gets nothing or you get lump sum after a fixed term. All these names are just another way to sell their products.

    They should just let existing policy to upgrade if they wish to cover more.

  10. #10

    Default Re: Anyone took up enhanced ElderShield?

    Quote Originally Posted by donut88 View Post
    About the 12 years or lifetime, I think this is v subjective. Normally 12 years of coverage should be long enough before u finally kick the bucket after suffering from some illnesses. But it's only an assumption.
    Yes, many believe that illnesses leading to disability come only at a very old age. So 12 years is more than enough. But I just realise if the illness strikes someone much earlier, then 12 years may not be enough. Or sometimes it may not be illness but a serious accident which can happen any time. But either way, it's depressing to be in that kind of state for more than 12 years requiring special care.

  11. #11

    Default Re: Anyone took up enhanced ElderShield?

    Quote Originally Posted by Bukitimah View Post

    They should just let existing policy to upgrade if they wish to cover more.
    Actually they do and in fact, that's what this ElderShield top-up is about. But surprisingly, many are unaware, bo chap or dunno how it works. I think many are over-reliant on the government thinking they will settle everything for them. Or that insurance agents have given such a bad name to themselves that many wouldn't want to listen to any more advice.... possible.

    Some even opt-out the basic Elder Shield coverage, thinking nothing bad will happen to them!

  12. #12
    Member Bukitimah's Avatar
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    I am one of those that didn't understand. Just too many packages that layman like me cannot comprehend. To be frank, I didn't opt for anything, so what am I on now also don't know. .

  13. #13

    Default Re: Anyone took up enhanced ElderShield?

    Quote Originally Posted by Bukitimah View Post
    I am one of those that didn't understand. Just too many packages that layman like me cannot comprehend. To be frank, I didn't opt for anything, so what am I on now also don't know. .

    I understand how you feel. Insurance is a very important aspect here cos government is not going to take care of us like in other countries. Not that I'm blaming them totally cos we don't pay high taxes like other countries.

    Unfortunately, insurance is also a dirty word cos many agents here make it into a profit-making business, sometimes asking strangers in the streets or their friends to buy products that they don't need or even understand. It's made worse also cos we have an aging population and many new products are released and government comes up with new policies. I have to admit they sound confusing sometimes.

    For eldershield, if you didn't opt anything, it means you are on the basic plan. In the event of any severe disability, you will get $400 every month for 6 years.

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